Need to Know More About Schedules for Form 1040

In this article, let us find the various schedules for Form 1040 and their uses to the tax payers. Check out the information for each schedule and apply accordingly. Form Schedule Form Description Form Information Form 1040 Schedule A Itemized Deductions Includes recent updates, related forms and instructions on how to file. Schedule A  is used by the tax filers to report their itemized deductions.   Form 1040 A or Form 1040 Schedule B Interest and Ordinary...

Understand Tax Benefits for Higher Education

Do you know that you can be able to deduct education expenses paid during the tax year? These tax benefits of higher education are applicable for yourself, your spouse, or children. Note that this tax deduction cannot be applied if your tax filing status is married filing separately or when your dependent can claim an exemption for you as a dependent on his or her tax return. The qualified expenses are valid only for higher education. Tax...

Making Changes to Benefits for Dependents

As we all know that there will be a lot of changes starting this new year in terms of the tax structure, filing your annual returns, claiming your tax, getting tax exemptions and benefits, and so on, so you are required to be aware of all the changes. Taxpayers with kids may are also eligible now to claim specific tax benefits. Parents must consider child-related tax benefits while they are filing their annual tax return: Dependent –...

How to Fill Out a Schedule C Tax Form?

If you are a regular employee, you will receive a W2 form that states you need to know. Then you will fill the 1040 form and file them. But when you are self-employed and receive Form 1099 as a contract employee, you need to include the IRS Schedule C form along with your personal tax filing. Schedule C is also called “Profit or Loss from a Business”. Understand the form better, so that you can report your...

Use the Right Filing Status to Benefit Student Loan Payments

Taxpayers who recompense their student loan using ICR, IBR or PAYE repayment plan must be a little more cautious while filing their tax returns. Because the filing status of the tax returns you chose will affect your repayment plan. Benefits Student Loan Payments When the taxpayers are married, they must decide whether to file the tax return along with their spouse using the status “married filing jointly” or just to keep the income separate by filing “married...

COVID-19 PANDEMIC PROMPTS MANY TAX CHANGES

The government responded to the COVID-19 pandemic by giving breaks for the American taxpayers from filing forms to paying taxes. Filing and Payment Suspensions The IRS released a notice stating that they are suspending much federal tax amount and filing deadlines to July 15, 2020. For people whose filing and paying falls on or after April 1, 2020, and before July 15, 2020. This applies to all the taxpayers. There will no penalty or interest for the...

Federal Form 1040 Schedule C Instructions

The Form 1040 Schedule C is used to report the income or loss from the business that you operate or practiced as a sole proprietor. This article specifies the Federal Form 1040 Schedule C instructions. Federal Form 1040 Schedule C Instructions Filers of Form 1041, do not complete the block labeled “Social Security Number (SSN)”. Instead, you need to enter the Employer Identification Number (EIN) provided to the trust or estate. Define the business, that provided the...

Need to Know How Getting Married Affects Your Taxes – Etax1040s

If you are getting married, you need to know about the taxes too as knowing the tax consequences of marriage is important. In this article, we can check a few of the basic tax considerations for the newly married couples. Change Name and Address : If you filing your income tax return, the name and Social Security Number on the form must match with the records at the Social Security Administration (SSA). When you change your name...

Understanding about Different Types of Individual Income Tax Returns

There are different types of Federal individual income tax returns. It is the responsibility of the taxpayer to use the appropriate tax form that corresponds to the particular situation and permits to claim the income, tax credits and tax deductions. Federal income tax is due by 15th April, unless the taxpayer applies for a tax extension. Common types of individual income tax returns  IRS Form 1040 (U.S. Individual Income Tax Return) IRS Form 1040A (U.S. Individual Income...

Federal Tax Forms for 2018 IRS Tax Season

Is this tax year similar to the Tax Season? A tax year is the year that the tax payer is filing the tax return. But the tax season is the time that the tax payer is filing the return. The tax payer can prepare and e-file their 2017 tax return in this 2018 tax season. When you are e-filing your returns, you no need to download any tax forms, answer the questions to select the appropriate forms...